Laserfiche WebLink
The City agrees that Lessee, upon observing and performing the conditions of this Lease <br />Agreement, will lawfully and quietly hold, occupy and enjoy the Property during the Term of this Lease <br />Agreement without any manner of hindrance from the City or any persons claiming rights through the <br />City. <br />Section 13. Events of Default. <br />The following events are "Events of Default" under this Lease Agreement during the Term <br />hereof: <br />(a) Lessee or the City fails to comply with any term, provision, or covenant of this Lease <br />Agreement. <br />(b) Lessee (1) admits in writing its inability to pay its debts generally as they become due, <br />(2) makes a fraudulent transfer, or (3) makes an assignment for the benefit of creditors. <br />(c) Lessee (1) files a petition under any section or chapter of the federal bankruptcy laws, as <br />amended, or under any similar law or statute of the United States or any state thereof, or (2) is adjudged <br />bankrupt or insolvent in proceedings filed against Lessee under those laws or statutes, and those <br />procedures have not been stayed or vacated within 60 days. <br />(d) A receiver or trustee is appointed for all or substantially all of the assets of Lessee, which <br />receiver is not discharged within 60 days after the appointment. <br />(e) Lessee attempts to transfer its interests in the Property in violation of the terms of this <br />Lease Agreement. <br />(f) Lessee places on the Property any lien or encumbrance not permitted by this Lease <br />Agreement or suffers any materialman's or mechanic's lien to be filed against the Property, and that lien <br />or encumbrance is not removed or discharged within 60 days after written demand by the City (unless, in <br />the case of a materialman's or mechanic's lien, Lessee in good faith contests the validity or amount of the <br />lien, in which event Lessee must obtain a bond or other financial assurance in form and amount <br />satisfactory to the City with respect to that lien for the period of the contest). <br />(g) An event of default (after any applicable notice or cure provision) of a party occurs under <br />the Purchase Agreement. <br />Section 14. Remedies. <br />(a) If any Event of Default occurs, the party in default must, upon written notice from the <br />other party, or its successor, promptly (and in any event within 30 days after delivery of the written <br />notice) cure or remedy that default. In the event such default is of such nature that it cannot be cured or <br />remedied within said 30 day period, the party in default shall, upon written notice from the other, <br />commence its actions to cure or remedy said default within said 30 day period, and proceed diligently <br />thereafter to cure or remedy said breach. Within five business days of the delivery of a written request, <br />the party in default must provide documentation of its diligent efforts to cure the default. All defaults <br />must be cured within 90 days after delivery of the written notice In case such action is not taken or not <br />diligently pursued to the reasonable satisfaction of the City, or the default shall not be cured or remedied <br />within the required time, the aggrieved party may: <br />M <br />